Tax revenue amounted to ARS1.171,943 trillion in January 2022, which implied a growth of 51.6% year-on-year (YoY). Adjusted by inflation, it expanded 0.9% YoY.
The recovery in the level of activity since March 2021, the increase in international commodity prices and the increase in the nominal exchange rate (21% YoY) contributed favorably to this result.
Among tax resources, increases in real terms in Income Tax, Tax on Credits and Debits and Internal Taxes stand out. Social Security resources showed a good performance.
January 2021 is a high base of comparison for VAT, because of income from payment facilities last year and compensations made to other taxes during this year, which implied a real year-on-year drop in DGI VAT.
On the other hand, Export Duties fell in nominal (and real) terms in January because of a decrease in export records, possibly due to the uncertainty caused by the climatic situation on the outcome of the current crop year.